Maine § 31 §1391 Nonjudicial dissolution

Maine Statutes

§ 31 §1391 — Nonjudicial dissolution

Maine § 31 §1391

Title 31PARTNERSHIPS AND ASSOCIATIONS

Ch. 19UNIFORM LIMITED PARTNERSHIP ACT

This text of Maine § 31 §1391 (Nonjudicial dissolution) is published on Counsel Stack Legal Research, covering Maine primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Me. Rev. Stat. tit. 31, § 31 §1391 (2026).

Text

Except as otherwise provided in section 1392, a limited partnership is dissolved, and its activities must be wound up, only upon the occurrence of any of the following:

1.Event specified in partnership agreement. The happening of an event specified in the partnership agreement;

2.Consent. The consent of all general partners and of limited partners owning a majority of the rights to receive distributions as limited partners at the time the consent is to be effective;

3.Dissociation of general partner. After the dissociation of a person as a general partner:

4.Dissociation of last limited partner. The passage of 90 days after the dissociation of the limited partnership's last limited partner, unless before the end of the period the limited partnership admits at least one limited partner;

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Except as otherwise provided in section 1392, a limited partnership is dissolved, and its activities must be wound up, only upon the occurrence of any of the following:
1.
Event specified in partnership agreement.
The happening of an event specified in the partnership agreement;
2.
Consent.
The consent of all general partners and of limited partners owning a majority of the rights to receive distributions as limited partners at the time the consent is to be effective;
3.
Dissociation of general partner.
After the dissociation of a person as a general partner:
4.
Dissociation of last limited partner.
The passage of 90 days after the dissociation of the limited partnership's last limited partner, unless before the end of the period the limited partnership admits at least one limited partner; or
5.
Declaration of dissolution.
The signing and filing of a declaration of dissolution by the Secretary of State under section 1399, subsection 3.